NEW YORK (Standard&Poor's CreditWire) March 2, 1999--Standard&Poor's today placed its long-term ratings on Hewlett-Packard Co. and Hewlett-Packard Finance Co. (see list below) on CreditWatch with negative implications. Standard&Poor's today affirmed Hewlett-Packard Co.'s 'A-1'-plus commercial paper rating. The CreditWatch listing follows the company's announcement that it plans a strategic realignment of Hewlett that will create two independent companies; one focused on its computing and imaging businesses, and the other on its measurement businesses. The rating action reflects Standard&Poor's concerns about a somewhat less diverse revenue profile in dynamic, increasingly competitive industries, and uncertainty regarding the final capital structure of both entities. Hewlett Packard's ratings reflect its position as a leading, global vendor of
